Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Investec Says Kinsey Quit as Bank Analyst, Focuses on Mining

Don't Miss Out —
Follow us on:

Sept. 13 (Bloomberg) -- Investec Plc, owner of a bank and money manager in South Africa and the U.K., said banking analyst David Kinsey left as the company focuses research on its metals and company coverage and merges its equities operations.

“The sectors we want more are mining and corporates,” Investec Chief Executive Officer Stephen Koseff said today in a telephone interview from Johannesburg. “In banking we’re a competitor. It’s not really a place for us.”

Investec is consolidating equities units in South Africa as margins decline. The lender said today its adjusted earnings per share are expected to drop in the six months through the end of September after costs rose and the rand declined against the pound. The South African currency has dropped after labor unrest in the nation’s mining industry spread and the current account deficit widened more than forecast.

“If the rand stays at 13.60 to the pound it will have some impact,” Koseff said. “Up to 60 percent of our income is from South Africa and the rand has already had an impact on us this year of about 15 percent on average.”

Investec, scheduled to release first-half results on Nov. 20, dropped 0.7 percent to close at 52.30 rand as of 5 p.m. in Johannesburg.

To contact the reporter on this story: Renee Bonorchis in Johannesburg at rbonorchis@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net